Analysts are upbeat on Manulife US Real Estate Investment Trust (MUST) following its latest FY2020 results announcement, which saw a 5.4% y-o-y drop in DPU to 5.64 US cents, mainly due to provisions for expected credit loss, and a sharp reduction in car parking income.
While gross revenue rose 9.3% to US$194 million in FY2020, property expenses rose 17% to US$78.5 million. Net property income (NPI) in FY2020 rose 5.6% to US$115.8 million. MUST’s 2H2020 was weaker than the first where gross revenue rose just 1.2% while property expenses rose 16.5% resulting in an 8.3% y-o-y decline in NPI to US$53.6 million.
See: Headwinds in 2020 largely in the price as Manulife US REIT looks forward to 2021
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